Thanks guys. Mike, the way I do the finish ...>>
RonZ
>..>> I sand starting with 180, 220, 320, 400 using a sanding wax in between every grit except 320 and 400. I then use cellulose sanding sealer and de-nib with 400 sand paper. I apply a second coat of s.s. and follow with 0000 steel wool. Now it's time for the friction polish. I re-use my rags and keep them damp so it kind of works like a rubber in french polishing. I apply the 1st coat while the lathe is off to make sure I get an even coat. Then I turn the lath on at fairly fast RPMs and use the applicating rag to spead the finish. It needs to heat up in order for the finish to set. If you have good light overhead, when you move the cloth from side to side briskly [this is the 'friction' part of the polish] you'll see the rings disappear. I then [thanks to Russ] burnish it with postal brown wrapping paper instead of shavings. Next, I keep the cloth folded up and put some f.p. on and wipe while the lathe is on fairly fast and repeat. This is the 'high build' part of the friction polish. I then use a sweat shirt cloth on the soft side to give the f.p. a final buffing. I then apply a thin layer of carnauba wax and melt it in using the rough side of the cloth with the lathe going fast. I use the same cloth over and over again so this might add character. Once the wax is melted in and there are no rings present, I give a final buff with the soft side of the cloth.
By the way, while it might seem like a long time, I think this is the best and fastest finish.
If I wasn't clear or if you need more information, don't hesitate to e-mail.